One of the key factors contributing to this market growth is the growing
demand for real-time interaction with suppliers. The Global SRM Software
market has also been witnessing increasing demand for SaaS-based
solutions. However, lack of cross-functional collaboration could pose a
challenge to the growth of this market.

Commenting on the report, an analyst from TechNavio's Enterprise
Computing team said: ''It is evident that supply chains have become very
complex over the last few years. Many suppliers are doing business with
customers in different industries across the world. It becomes very
difficult to track the performance of suppliers operating worldwide.
Supplier performance management (SPM) is the set of processes that
enables enterprises to effectively measure the performance and thereby
help in improving the performance of suppliers. With the help of SPM
applications, the organizations can have better visibility of supplier
performance and reduce supply chain-related errors.''

According to the report, the enterprises in the Manufacturing sector
introduced the concept of supplier relationship management (SRM),
because of the huge losses faced due to inventory-related errors.
Currently, manufacturing enterprises are using SRM software for
real-time interaction with suppliers and reducing inventory-related
errors. It detects the inventory deficiency automatically and sends
signals to suppliers in order to address it. Since suppliers are also
connected to the system, they can fulfill the order in real-time. Also,
in the period of low supplier commitment, the organizations can locate
new suppliers and negotiate the best agreements. Therefore, the
organizations can interact with suppliers in real-time and can place the
order much faster.

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